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Philippines Pharmaceuticals and Healthcare Report Q3 2011
Business Monitor International, June 2011, Pages: 112
The Philippines Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Philippines's pharmaceuticals and healthcare industry.
The Analysts View: The Philippines is a lower/middle income country, where only a minority of the population has access to adequate healthcare. Drugs in the country are therefore widely unaffordable. Over the coming years, branded medicines are expected to retain their prominence as a result of strong traditional preferences, the dubious quality of copy products, intensive advertising and the availability of parallel imports. In theory, low-cost generic drugs should be very popular with the government. However, the promotion of this sector has not been strong and progress in raising the profile of generic medicines remains slow. The government is therefore aiming to address the situation with a concerted campaign to encourage generic substitution through the ratification of compulsory licensing for public health emergencies and the promotion of voluntary price cuts for several common medicines. The country is heavily reliant on foreign drugs, which account for around 75% of the market by value, despite the fact that counterfeiting is a significant problem.
Headline Expenditure Projections:
- Pharmaceuticals: PHP123.6bn (US$2.80bn) in 2010 to PHP130.54bn (US$3.04bn) in 2011; +5.6% in local currency terms and +8.4% in US dollar terms. Forecast up moderately from Q211 due to macroeconomic factors.
- Healthcare: PHP327.47bn (US$7.26bn) in 2010 to PHP350.76bn (US$8.16bn) in 2011; +7.1% in local currency terms and +12.3% in US dollar terms. Forecast unchanged from Q211.
- Medical devices: PHP11.51bn (US$255mn) in 2010 to PHP11.90bn (US$277mn) in 2011; +3.4% in local currency terms and +8.4% in US dollar terms. Forecast up marginally from Q211 due to analyst modification.
Business Environment Rating: The Philippines’ pharmaceutical rating in Q311 remains unchanged at 49.2 out of 100, which is well below the average of 53.1 for the region. The country still remains in 11th position, behind Thailand, with an unchanged Industry Rewards score of 50. It is thought that the recently-approved ‘Cheaper Medicines Bill’ will result in lower prices and increased consumption, as those on the lowest incomes will be able to afford some pharmaceutical products for the first time.
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